WTI slides below $67 as global banking turmoil overshadows central banks’ liquidity efforts. (Pivot Orderbook analysis)

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• WTI slides below $67 as global banking turmoil overshadows central banks’ liquidity efforts.
• OPEC in trouble as falling prices persist: Can coordination among oil-exporting nations stabilize the market?
• Oil prices could hit the $60 mark if the banking crisis continues to unfold.

The pair currently trades last at 66.43.

The previous day high was 69.83 while the previous day low was 65.44. The daily 38.2% Fib levels comes at 67.12, expected to provide resistance. Similarly, the daily 61.8% fib level is at 68.15, expected to provide resistance.

West Texas Intermediate (WTI) price fell below the $67 mark despite reassurance from major central banks. A likely case of banking contagion is unfolding. Credit Suisse fell apart. Later on, UBS was urged to acquire the troubled bank.

WTI does not catch a break, and the heavy downfall suggests intense pessimism among investors, as oil prices often serve as a growth barometer.

During the weekend, the Federal Reserve (Fed) opened its swap line from Monday onward until April. It’s a channel through which other central banks obtain US Dollars on short-term maturity in exchange for local currency. Subsequently, this excess USD reserve is accessed by commercial banks to facilitate business operations.

Oil prices are reflecting global growth concerns amid adversity led by banking turmoil. Some reports suggest that two European commercial banks are under scrutiny for possible contagion.

On the Organization of the Petroleum Exporting Countries (OPEC) front, falling prices, despite all efforts from the said group, are causing trouble for OPEC. Earlier, some comments from Iraq’s Prime Minister Mohammed Shia al-Sudani and OPEC Secretary General Haitham Al Ghais stressed the need to coordinate among oil-exporting nations to ensure prices do not fluctuate and impact both exporter and consumer countries.

A continuous deterioration in the global banking sector could lead the WTI price to approach the $60 mark.

Technical Levels: Supports and Resistances

XTIUSD currently trading at 66.43 at the time of writing. Pair opened at 66.57 and is trading with a change of -0.21 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 75.24, 50 SMA 77.24, 100 SMA @ 78.59 and 200 SMA @ 85.58.

The previous day high was 69.83 while the previous day low was 65.44. The daily 38.2% Fib levels comes at 67.12, expected to provide resistance. Similarly, the daily 61.8% fib level is at 68.15, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 64.73, 62.89, 60.34
• Pivot resistance is noted at 69.12, 71.67, 73.5

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